Celsius Network vs Webull – Which App is Better for Trading Crypto?

Celsius vs Webull – two excellent companies that provide cryptocurrency services. Which app is better for trading or HODLing crypto? The answer depends on a variety of factors, including app security, ease of use, user interface, and app features. For long-term returns, the currency you use, interest rates, and the amount of time you’re willing to keep your assets locked up are also important. With that in mind, let’s examine the contrasts and similarities of the two platforms.

Celsius Network Overview

Daniel Mashinsky and Daniel Leon created Celsius Network, a peer-to-peer lending network based in the United Kingdom, in 2017. Its mission remains the same: to become the bank for 99 percent of the population.

It seeks to achieve this by making banking decisions that benefit the entire company rather than just a few “fat cats” at the top. In addition, the platform has a payment processing tool that enables users to send and receive cryptocurrencies in various ways.

Clicking on a link, sending a text message, or utilizing your Celsius Network CelPay account are all examples of these techniques. There is no obligation for a minimum deposit on the site. Customers can profit from this functionality whether they are dealing with $10 or $10 million. The company’s native cryptocurrency, CEL, was introduced in the spring of 2018. For their initial coin offering, they launched a crowd-sale (ICO). In addition, Celsius Network’s service now allows customers to earn additional interest on their accounts.

In addition, Celsius makes it easier to obtain a loan with lower interest rates and prioritizes loan approval. So how do you make use of this program? By predominantly HODLing (holding your assets) in the platform’s native cryptocurrency, CEL. You can discover more about the features, fees, advantages, and disadvantages of the platform in this Celsius Review.

Webull Overview

Webull was created in 2017, yet the company has grown to become a respected electronic trading platform despite its late start. Webull is an online brokerage service that offers trading platforms for mobile, desktop, and web.

It is free to use and does not charge commissions for buying or selling stocks, exchange-traded funds (ETFs), or options. This platform was available for free before many of the major investing firms used it.

Asides from Celsius Network, Robinhood is another of Webull’s major rivals. Robinhood also provides free trading, but its active trading features are less spectacular. The brokerage has around 9 million users worldwide. It does not disclose its assets under management, but one estimate puts the total at roughly $4 billion across all account holders. Read this article for a full comparison of Webull and Robinhood.

Webull has offices in both China and the United States. The Hunan headquarters in China provide the technology, and customer service is provided from New York City. It is also a subsidiary of Fumi Technology, a multinational Chinese corporation. Even if you aren’t looking to buy or sell, you may still log in for real-time market information and prices. In addition, you can personalize the market homepage to display statistics from a few countries and regions, such as the United States, global markets, cryptocurrencies, and others. Read more facts about Webull in this Webull Review.

Celsius Network vs Webull: Safety and Security

Which of the two platforms is more secure? Both platforms have proven to be dependable. Each has a sound financial foundation and security precautions in place. There is no doubt, however, that Celsius Network has gone above and beyond. It has an agreement with BitGo that insures up to $100 million in cryptocurrency deposits. Celsius relies on BitGo’s hot and cold wallet technologies, as well as those of another company, Prime Trust.

To safeguard all loan activities, the crypto giant also works with the security firm Fireblocks. This means that an additional layer of protection will now protect all hot wallets. As a result, Celsius has never encountered a hack, security breach, or financial loss in its more than three years of existence.

On the other hand, Webull is monitored by top-tier financial organizations, ensuring that investors are well-protected. In addition, Webull is a private corporation. And, despite recent rumors of a $400 million IPO, the company has not yet gone public, which means it is under no duty to divulge its financial data at this time.

They are not under any stock exchange is a minor issue, as is the lack of a banking license and negative balance protection. Nonetheless, all key financial regulators regard it as a legitimate trading platform. In general, the safety of any brokerage can determine the level of protection you have as an investor and the broker’s background.

Webull is unequivocal on both counts. First, it secures your data by transferring cash via Plaid to your bank. Second, Webull links to your bank account and uses Plaid to verify your banking information. Plaid employs strict security steps to protect the sensitive data it collects, according to or surpassing industry best practices.

Celsius Network vs Webull: Ease of Use

Overall, the Celsius app is quite simple to use. However, while the onboarding procedure is straightforward, there is some lag time owing to identity verification. The app is available in over 100 countries, each with its own set of bitcoin laws. As a result, your onboarding and identity verification procedure will differ depending on whatever country you are in. If you live in the United States, you must provide your Social Security Number (SSN) and proof of identity to comply with the SEC’s know your customer (KYC) laws.

After the approval of your account, you must fund it. After that, you can use ACH to connect your bank account as an on-ramp from fiat to crypto. The app itself is simple to use once onboard. The user interface is simple, so you’ll be able to get around with little assistance. However, if you need help, the lending platform provides a plethora of videos that teach you through each function and how to use it.

Webull provides a one-of-a-kind community experience and simple trading platforms that will appeal to most youthful investors. Webull, on the other hand, lacks the trading tools and functionality to compete with Celsius Network for everyday investing. While Webull’s web and desktop platforms lack the comprehensive range of capabilities provided on Celsius Network, casual traders will be satisfied with Webull.

Celsius Network vs Webull: User Education

Celsius’ design is not to be a bustling trading platform. Hence it lacks educational content about technical or fundamental analysis. However, while it does not have many teaching tools, it is an excellent learning tool for new crypto traders. The website does provide some helpful information for learning about the app’s various features and options. It also includes a glossary of all the terminology and jargon crypto traders use, so you can learn to decipher what they’re saying as you delve deeper into the cryptocurrency field.

Webull allows users to begin with a demo account to familiarize themselves with the site. However, for beginners, this is not always sufficient. In addition, the educational resources that Webull provides can still improve. There are no trading platform tutorial videos. There are no educational videos. There are no webinars. So, starting with the Demo account can as well be confusing.

Celsius Network vs Webull: Best Yields

Depending on the currency, storing Bitcoin (BTC) or other cryptocurrencies in a Celsius account can yield anywhere from 3% to 18.55% interest. Celsius pays users interest on the coin they are saving, which compounded over time. Celsius offers a 6.20 percent annual percentage yield (APY) on Bitcoin, a 6.61 percent APY on Ethereum (ETH), and a 13.86 percent APY on Tether (USDT). It also gives clients the option of paying in Cel tokens (Celsius’s own coin) at a higher rate Customers who choose to earn interest on their cryptocurrency savings in Cel tokens will receive 30% higher returns on their other holdings.

On the other hand, any money left uninvested in Webull will sit dormant, with no possibility of growing. Furthermore, many default sweep interest rates this year are as low as 0.01%. With a margin account, Webull offers up to 4x day-trade buying power and 2x overnight buying power.

To qualify, you must have at least $2,000 in your bank account. Margin trading interest is calculated on a daily basis and paid on a monthly basis. The margin rate varies depending on the size of the margin loan. 6.99% (under $25,000), 6.49% ($25k.01 – $100k), 5.99% ($100k.01 – $250k), 5.49% ($250k.01 – $500k), 4.99% ($500k.01 – $1m), 4.49% ($1m.01 – $3m), and 3.99% (over $3m).

Celsius Network vs Webull: Fees or Charges

Celsius Network does not charge for its services. There are no withdrawal fees, transfer costs, transaction fees, early termination fees, origination fees, or anything else. They make money by lending the digital assets of the community to institutional and retail borrowers. Also, the Celsius wallet is completely free to use!

Webull provides $0 transactions on equities and ETFs. Webull also offers $0 option trades and cryptocurrency transactions. Payment for order flow, transfer fees, account interest, and margin rates generate revenue for the company. Domestic clients pay an $8 deposit and a $25 withdrawal fee for wire transfers, while foreign clients pay a $14 deposit fee and a $45 withdrawal price. Also, you’ll need a minimum deposit of $2,000 to open a margin account on Webull.

Celsius Network vs Webull: Customer Support

Celsius Network is passing through some teething difficulties; thus, customer service has been a little slower to reply. However, the corporation is quite engaged on social media, particularly on Twitter and Reddit. It is also expanding its customer service team, so the level of help should improve.

Webull’s customer service isn’t all that great either. Phone support is slow, and there’s no provision for live chats. They respond to their emails, but that as well is slow. Webull is a new company, and there is still a lot of improvement in customer support.

Celsius Network vs Webull: Referral Program

Celsius has a generous referral program at the time of this writing. Currently, you can receive $50 worth of Bitcoin when you open a new account with a Celsius referral code and fund it with at least $400. The referring party will also receive $50 worth of Bitcoin for every successful referral. Read more about the Celsius referral program here.  Read more about how the Celsius referral program works in this Celsius platform referral article.

New Webull users will also receive a referral bonus when they open a new account with a Webull referral link. Webull’s referral bonus is 5 free stocks valued between $3-9600! Although Webull claims that you could receive up to $9600 worth of stocks, the odds of getting stocks valued that high is very low. Check out our Webull referral article for the step-by-step instructions on how to sign-up with a Webull referral link.

Conclusion: Celsius Network vs Webull, Which App is Better for Cryptocurrency Trading?

Webull’s rates are reasonable, and the site is simple to use. Because there is no minimum investment, you can start an account in minutes and access all of the basic trading options that beginners and advanced traders require. There are a few limitations, the most notable of which are their portfolio of financial instruments and withdrawal alternatives, the latter of which might be a little pricey.

As for Celsius Network, there’s no minimum investment. It offers the highest yearly interest rate. Furthermore, Celsius accepts most cryptocurrencies, allows for borrowing and lending, and pays out weekly with no fees. To top it off, you can use the Celpay app to make payments without ever withdrawing your money. So, in a nutshell, we’ve got a winner – Celsius Network.